3 Reasons To Talk To A Lender Before You Start Scrolling Zillow

Why is it important to speak to a lender ✨first✨?

Are you stuck in an endless loop of online house hunting, doomscrolling Zillow, and daydreaming about that perfect slice of real estate heaven you can one day call your own? 🏡💭

But let's face it…

…your piggy bank isn't exactly breaking a sweat, and a hefty down payment feels about as attainable as a unicorn in your backyard? 🦄😬

If you’re spending your time dreaming about homeownership but don’t know where to start, you’re likely going to go about the process all the wrong way.

There's a secret weapon at your disposal (that many wannabe-homeowners seem to want to avoid): a chat with a mortgage lender 🦸‍♂️

Many potential homebuyers think it’s jumping the gun by talking to a lender 🔫

They think that step comes AFTER you’ve found the home of your dreams.

When, actually, it should be your first port of call.

Here are 3️⃣ rock solid reasons why chatting with a lender should be on your to-do list before you even think about hitting the house-hunting trail! 🚀💰

1. You’ll learn about the various types of mortgages accessible to you 💸

Knowledge is power when buying a house.

Sure, you can Google your heart out about home loans, but let's be real—mortgages are like the secret code of the real estate world, and decoding them solo is like trying to solve a Rubik's Cube blindfolded 🤔🔍

Enter the mortgage guru! 🎩✨ — a mortgage lender! Not only that but a LOCAL mortgage lender.

A local lender is going to have your back and is likely going to offer you more options than an online ‘big box store’ lender like Quicken Loans and Rocket Mortgage. They’re also more likely to pick up the phone and help you at 6pm on a Friday evening when the home of your dreams has just hit the market and you’re desperate to get pre-approval in order to put in an offer!

Whether you're still playing the waiting game or gearing up for house-hunting season, a lender is going to be able to walk you through the finance side of things when you’re ready to buy a house.

There’s various loan options available to you, and a trusted mortgage lender will be able to help you understand ALL your options and even help you save money.

There’s also many first time home buyer grants and programs they’ll be able to help you apply for.

2. You’ll be able to get your financial ducks in a row 🐤

A trusted, local mortgage lender doesn’t just look at your income and tell you which loan to apply for.

They actually look at ALL your debt source, income sources, your debt-to-income (DTI) ratio, your credit report, and many other things.

A good lender will be able to make suggestions to you to help you get your credit score down, and this could get you a better interest rate.

If you have a less-than-amazing DTI, they’ll be able to help you strategize on which debts to consolidate and which debts to pay off first. Being smart about your debt could lead to a better DTI, which means you’re more likely to be accepted for the home of your dreams!

Speaking to a lender long before you start touring homes gives you a headstart so you can make the necessary improvements to repair your credit, pay your debts, or save up for a down payment. The earlier you start, the better!

Not only that, there are several upfront costs you'll need to prepare for when you’re buying a home alongside your downpayment.

Working with a lender can give you a clearer idea of what else you’ll need to budget for and how much they’ll cost, including lender fees, title, insurance, appraisal gaps, inspections, and other closing costs.

3. You’ll have realistic expectations to streamline your home search 🕵️‍♀️

Oh, the heartbreak of falling head over heels for a home, only to have your wallet deliver a reality check 🏡💔

Don't let this tragic tale happen to you!

There’s not much worse than finding the home of your dreams only to find out no lender will give you the money for it… not only that but you’ve wasted your time AND your realtor’s time looking at homes out of your budget!

You can easily solve this problem: by speaking to a mortgage lender first.

A quality real estate agent won’t let you start looking at homes without speaking to a lender first anyway…

…but in case they forget to mention this step, it’s important you know.

Lenders are like financial wizards 🧙‍♂️🎩 who can pull back the curtain and reveal your true purchasing power, factoring in everything from current interest rates to your downpayment stash.

By speaking to a lender and getting your pre-approval, you can dodge the time, energy, and cash-draining trap of ogling homes way out of your budget.

This little bit of advance preparation can go a long way to save you from househunting heartbreak 💔

TO CONCLUDE

Remember, the journey to your dream home doesn't start with a suitcase of cash; it begins with knowledge, preparation, and a little financial wizardry 🧙‍♀️🪄

By having that pre-hunt chat with a lender, you'll be armed with the insights and confidence you need to navigate this wild South Jersey real estate market like a pro.

So go ahead, dive into the adventure with your newfound wisdom, and may your househunting journey be filled with excitement, laughter, and, most importantly, the perfect place to call home. Happy house hunting! 🏡✨😄

Now, are you ready to embark on this thrilling journey with JFKLiving?

Contact The JFKLiving Team and we’ll be honored to navigate you through this market 🦄🤘

Got questions? Give the team a call at 856-669-4560.

We’re here to help you #makeJerseyhome.